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论文编号：	1789
作者编号：	2120082135
上传时间：	2010/6/9 19:17:31
中文题目：	社会资本对金融企业并购的影响——基于汇丰银行在中国内地扩张的案例研究
英文题目：	The Influence of Social Capital on Financial Institution’s M&A: Case Study of HSBC’s Acquisition in Mainland China
指导老师：	古志辉
中文关键字：	社会资本;企业并购;网络结构;信息收益
英文关键字：	Social Capital;M&A;Network Structure;Information Benefits
中文摘要：	并购是现代企业扩张的主要方式之一，而由于并购活动的复杂性和不确定性使其同样成为企业高风险的投资活动。社会资本通过企业所处位置和关系网络获取信息、降低不确定性的功能已经在广泛的研究中得到证实，所以社会资本很可能会对企业并购的成功与否产生影响。因此，研究社会资本如何对企业并购活动产生影响以及企业如何运用社会资本降低并购风险、提高并购绩效对理论界和企业界都有极其重要的意义。 我国的并购市场有其特殊之处，企业在如此复杂的文化、制度、经济环境中如何把握获利机会呢？本文应用案例研究法，结合网络分析和对比研究法，从汇丰银行收购中国内地金融企业案例出发，在决策者有限理性的理论基础上，提出社会资本作为不确定性的负度量，能够在并购过程中发挥信息收益、控制力收益、协同一致收益作用，影响企业并购目标选择、并购整合和企业并购网络演进。研究设计首先提出社会资本同质性和异质性互动影响并购目标选择，然后进一步研究企业如何通过社会资本和金融资本的结合运用进行并购整合同时发挥整个并购网络的作用，揭示在何种情况下，企业如何有效利用社会资本中的强关系、结构洞和重复联系成功实施并购扩张。 研究主要得出以下结论：并购倾向于发生在同质性企业间，特征越相似，获得成功可能性越大。而当并购企业发生异质性互动时，社会资本丰富的企业可以通过社会资本运用提高目标企业参与交换的意愿，从而控制整个并购获取新资源的过程。在并购整合过程中，强关系社会资本通过信息获取能力提高企业的学习效率，缩短信息的获取时间，降低信息的搜索成本，从而更好的整合利用资源开拓新市场。拥有结构洞的企业通过控制力优势实现企业的资源释放，在特定条件下对其他形式的资本等发生替代作用。重复联系通过提高信息真实度达成网络成员间的信任、共享符号和价值观，从而节约协调成本和不信任产生的监督保证成本，完成并购整合的协同一致，从而提高并购整合绩效。此外，社会资本低位置企业可以通过对网络成员的学习、模仿和复制的方式获取有利于自身的网络结构，构建自身社会资本。
英文摘要：	M&A is one of the most important ways that enterprises take to expand nowadays, meanwhile, M&A is also among the most risky investment activities considering its complexity and uncertainty. Social capital’s role involving in acquiring information at the same time minimizing uncertainty has been widely proved by researchers. So the author here predicts that social capital may play an important role in enterprises’ M&A activity basing on its effect on uncertainty. Hence, researching on how social capital involved in M&A as well as how to improve M&A performance relying on social capital means a lot to both theoretical researchers and enterprisers. China’s M&A market has its own special characteristics by government control and information asymmetry. Therefore, in such market, how to make use of social capital’s positive effect on M&A performance? This paper focuses on the case of HSBC’s expansion activities acquiring financial institutions in mainland China and uses three dimensions：information benefits, control benefits and synergy benefits, to analyse social capital’s effect on M&A target choice, M&A integration and the development of M&A network. The research results show that M&A more likely happen between similar enterprises, at the same time, social capital can enhance the participating will between dissimilar enterprises. During the M&A integration process, strong relationships provide information benefits for the actors, structure holes provide control benefits for ones who are close to the holes and repetitional relationships provide synergy benefits for the network members. Finally, this paper observed the process during which enterprises in lower positions can improve and accumulate their own social capital by learning and imitating.
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